Truist Financial Cuts Equinix (NASDAQ:EQIX) Price Target to $990.00

Equinix (NASDAQ:EQIX) had its price objective lowered by Truist Financial from $1,028.00 to $990.00 in a report published on Monday,Benzinga reports. The firm currently has a buy rating on the financial services provider’s stock.

EQIX has been the topic of several other research reports. Wells Fargo & Company reduced their price objective on Equinix from $1,075.00 to $1,065.00 and set an “overweight” rating on the stock in a report on Thursday, February 13th. Citizens Jmp raised Equinix to a “strong-buy” rating in a report on Monday, January 27th. Oppenheimer upped their price objective on Equinix from $950.00 to $975.00 and gave the stock an “outperform” rating in a report on Thursday, February 13th. Scotiabank increased their price target on Equinix from $1,033.00 to $1,040.00 and gave the company a “sector outperform” rating in a research note on Monday, March 3rd. Finally, Barclays increased their price target on Equinix from $810.00 to $822.00 and gave the company an “equal weight” rating in a research note on Monday, November 18th. Three investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and three have given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $989.35.

Equinix Stock Up 2.2 %

NASDAQ EQIX opened at $854.99 on Monday. The stock’s 50 day simple moving average is $917.05 and its 200 day simple moving average is $907.82. Equinix has a one year low of $684.14 and a one year high of $994.03. The company has a debt-to-equity ratio of 1.19, a current ratio of 1.63 and a quick ratio of 1.63. The firm has a market cap of $83.22 billion, a PE ratio of 100.00, a price-to-earnings-growth ratio of 1.78 and a beta of 0.74.

Equinix (NASDAQ:EQIX) last posted its quarterly earnings data on Wednesday, February 12th. The financial services provider reported $7.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.75 by $5.17. Equinix had a return on equity of 6.31% and a net margin of 9.32%. As a group, sell-side analysts forecast that Equinix will post 33.1 earnings per share for the current fiscal year.

Equinix Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Investors of record on Wednesday, February 26th will be paid a dividend of $4.69 per share. This represents a $18.76 annualized dividend and a yield of 2.19%. The ex-dividend date is Wednesday, February 26th. This is an increase from Equinix’s previous quarterly dividend of $4.26. Equinix’s dividend payout ratio (DPR) is presently 219.42%.

Insider Buying and Selling

In other Equinix news, EVP Raouf Abdel sold 1,331 shares of the stock in a transaction dated Thursday, January 16th. The stock was sold at an average price of $903.71, for a total transaction of $1,202,838.01. Following the completion of the transaction, the executive vice president now owns 6,579 shares in the company, valued at approximately $5,945,508.09. This represents a 16.83 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Christopher B. Paisley sold 125 shares of the stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $912.21, for a total value of $114,026.25. Following the transaction, the director now owns 17,669 shares of the company’s stock, valued at approximately $16,117,838.49. This trade represents a 0.70 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 19,054 shares of company stock valued at $17,466,950. 0.27% of the stock is owned by company insiders.

Hedge Funds Weigh In On Equinix

A number of large investors have recently added to or reduced their stakes in EQIX. Inspire Trust Co. N.A. grew its holdings in shares of Equinix by 0.7% in the 3rd quarter. Inspire Trust Co. N.A. now owns 1,700 shares of the financial services provider’s stock valued at $1,509,000 after acquiring an additional 11 shares in the last quarter. Rothschild Investment LLC grew its holdings in shares of Equinix by 1.9% in the 4th quarter. Rothschild Investment LLC now owns 576 shares of the financial services provider’s stock valued at $543,000 after acquiring an additional 11 shares in the last quarter. Legacy Financial Advisors Inc. grew its holdings in shares of Equinix by 3.2% in the 4th quarter. Legacy Financial Advisors Inc. now owns 360 shares of the financial services provider’s stock valued at $340,000 after acquiring an additional 11 shares in the last quarter. GS Investments Inc. grew its holdings in shares of Equinix by 0.5% in the 3rd quarter. GS Investments Inc. now owns 2,351 shares of the financial services provider’s stock valued at $2,087,000 after acquiring an additional 12 shares in the last quarter. Finally, Ritholtz Wealth Management grew its holdings in shares of Equinix by 1.8% in the 4th quarter. Ritholtz Wealth Management now owns 671 shares of the financial services provider’s stock valued at $633,000 after acquiring an additional 12 shares in the last quarter. Institutional investors own 94.94% of the company’s stock.

Equinix Company Profile

Equinix (Nasdaq: EQIX) is the world's digital infrastructure company . Digital leaders harness Equinix's trusted platform to bring together and interconnect foundational infrastructure at software speed. Equinix enables organizations to access all the right places, partners and possibilities to scale with agility, speed the launch of digital services, deliver world-class experiences and multiply their value, while supporting their sustainability goals.